Joey: CareMonk is a online network that connects patients with in-home caregivers. Although the value offered goes much deeper, CareMonk will be a secure online platform where families can find, manage and pay qualified in-home caregivers for their loved ones. More importantly CareMonk’s online platform seeks to be the bridge that seamlessly connects families to their loved ones care. One of the biggest driving forces behind CareMonk’s platform is to provide a cool and effective way for our younger generations (more specifically Generation Y) to get more involved in the care management process of their elderly loved ones.
Heroik: Why does this matter?
Joey: CareMonk’s model addresses some of the major problems surrounding the in-home care industry. Problems such as the raising cost of care and the declining work force of available caregivers in an industry where their demand is getting larger every day.
A traditional in-home care agency charges families $20-$30 an hour for the placement and management of a caregiver, while paying the actual caregiver a wage of $10-$12 an hour. Traditional agencies are marking these services up by nearly 70% and then passing them on to the families paying for the long term care. In the current state of health care with rising costs and disruptive policy changes, these agencies are only going to keep raising their rates to maintain a consistent profit and that burden will be placed on the hard working families in need of in home care.
Heroik: So you’re eliminating the middle man and saving families money?
Joey: Yeah. CareMonk offers a refreshing alternative by cutting out the middle man and saving families nearly 70% on every hour billed for their loved ones in home care. This is a win win for both caregivers and families, because it places both parties in complete control. The caregivers will be able to work for themselves, while enjoying similar benefits that an agency offers. Benefits such as liability insurance and an active network where families will be constantly seeking and hiring caregivers. Families will be saving nearly 70% on the in-home care costs of the services provided for their loved ones.
As a bonus, families will be able to rest easy knowing that the quality of their in-home care services provided will be the same if not better than most traditional agencies. Every caregiver’s profile will go through an extensive background check where their licenses, certifications, education, work experience, driving record and criminal history will all be reviewed and confirmed before it’s even made public on CareMonk’s online platform. This is just one of the many ways that CareMonk will ensure the upmost quality of service for patients and their families.
Heroik: So, what makes this a good opportunity for you? Why now?
Joey: According to the AARP Public Policy Institute, the in-home care industry in 2013 is dominated by caregivers between the ages of 45 – 64 who belong to a generation that’s much larger than the ones after it. This is one of the largest issues surrounding the in-home care industry, a decline in available caregivers with an influx of patients needing in home care due to an aging generation.
Also, we’re hoping that CareMonk’s will appeal to the younger generation with its modern and seamless approach to managing in-home care. Younger tech-savvy people familiar with similar services in adjacent markets can easily take advantage and get involved in this industry. So it offers employment to many young adults who really need it, and the platform’s social aspect will offer a channel that will allow the patient’s family to remain involved in the entire care process.
Heroik: Final thoughts? Bottom line it for us.
Joey: CareMonk is the future of the in home care industry and it’s emerging right here in Roseville, California.
That wraps up our introductory interview with CareMonk. We’ll be keeping an eye on them especially since they’re in our HQ city. For more info visit CareMonk http://www.caremonk.com/
P.S. Joey insists that we mention these resources for you fact hounds out there.
Bahrampour, Tara. “Huge shortage of caregivers looms for baby boomers.” The Washington Post, August 26, 2013. Web. October 17, 2013. http://articles.washingtonpost.com/2013-08-26/national/41446539_1_boomers-family-caregiver-long-term-care.
Redfoot, Donald. Lynn Feinberg. Ari Houser. “The Aging of the Baby Boom and the Growing Care Gap: A Look at Future Declines in the Availability of Family Caregivers.” AARP Public Policy Institute, August 2013. Web. October 17, 2013. http://www.aarp.org/home-family/caregiving/info-08-2013/the-aging-of-the-baby-boom-and-the-growing-care-gap-AARP-ppi-ltc.html .